Charlotte-area homebuilders are getting headaches from low appraisals

Loans harder to land for new construction

Since the Great Recession began, Michael McMillan, a custom-home builder and renovator, said he has not been hired for a single project that was financed though a bank.
Fortunately for him, homeowners have covered all of the projects he's worked on.
“Zero projects have been funded through lending,” said McMillan, co-owner of Charlotte-based McMillan Construction Management. “We ...